Ok all of you first time home buyers out there, do you know who you are??? Well if you have not yet purchase a house then you obviously qualify. However did you know that if you have not owned a home for three years then you will again qualify as a 'First Time Buyer' through FHA guidelines.
Why is this an even more important tidbit now a days??? A lot of unfortunate homeowners are losing their homes to foreclosure. Instead of letting the foreclosure snowball into anything other than the loss of their home, homeowners need to react and plan intelligently their next three years. Get your credit squared away with either a credit repair company (don't use just anyone - ask me for the referral)or fix it on your own. Did you know you can make multiple payments to credit cards per month. Set it up online and make smaller multiple payments. It works to bring the score up. Also keep your balance at about 35-40% of your available balance. The key is to get all financial items in check at this time of foreclosure. This will allow you to rise out of the ashes a stronger and more prepared person.
At the end of your three year plan you should be ready to become a homeowner once again and FHA will be there to help. Currently FHA allows you, the buyer, to get into homeownership with the least amount of money out of pocket (currently 3.5% of your own down money). They also allow the seller to contribute a maximum of 6 % towards the buyers costs. Oh yeah and out of the 3.5% down payment required all or some of it can be in the form of a gift from a blood relative.
If you are facing foreclosure then now is the time to plan responsibly for your future of homeownership. We only go around this Great Big Ball of Mud once so you would be wise to use what is available to you!
You might be wondering what the picture of the house above is! Well I can't very well blog without promoting a Feature Home. This home is 2 years old, sits on 1 Full Acre, backs directly up to PA Gamelands and can be your for only $319,900.
As always I welcome comments. If anyone is interested in the house pictured above please contact me via email at rick@poconomountainlakes.com
Also you can Search The Pocono MLS Yourself For FREE and receive free customized listing alerts delivered right to your email box.
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